From “Scam” to a Major US Presidential Race Talking Point — A Look at Bitcoin’s Meteoric Rise

Bitcoin was called a “scam” and a “threat to the US Dollar” by former President Donald J. Trump as late as 2021. Fast forward three years later, and he leaves no stone unturned to court the pro-Bitcoin electorate. Much has changed during this time for the largest cryptocurrency by market capitalization, and it may play a part in the development of the US Presidential election itself.

Why? Because Over 20% of Americans Now Own Bitcoin

The 2020 US presidential election was one of the most chaotic electoral events. The election’s results only slowly trickled down and took forever to be released, while the official counting of the electoral college votes was affected by the January 6, 2021, riots. Donald Trump and incumbent Joe Biden fought it with every trick up their sleeve, and things got nasty.

However, interestingly, there was one policy they both agreed upon back then that they don’t anymore: Bitcoin regulation. Donald Trump has done a complete backflip on it to improve his election chances as he understands the popularity of the digital currency economy. Trump was previously known for his hawkish, protectionist stance on Bitcoin. He said back in 2021:

“Bitcoin, it just seems like a scam,” Mr Trump said. “I don’t like it because it’s another currency competing against the dollar.”. He then added that he wanted the greenback to “remain the currency of the world”.

Joe Biden Struggling to Court Crypto Users

On the other hand, President Joe Biden’s position on Bitcoin has remained unwavering and has hardly changed his stance in the buildup to the election. Some commentators believe that the President will loosen his policy on the digital currency economy, but no big shift is expected. Some are breaking ranks to support pro-crypto legislation, but that might not be enough to change the overall narrative.

This hawkish attitude was a mainstay in the US regulatory outlook during the 2020 halving. Talks of a spot Bitcoin ETF were prevalent, but the institutions weren’t ready to make such a bold move.

Back then, it would have seemed far-fetched to think that Bitcoin would be at the center stage of the Presidential and Congressional elections in just four years. Now, notable candidates, including Vivek Ramaswamy, Robert F. Kennedy Jr, and Ron De Santis, have appeared in pro-Bitcoin podcasts and made crypto a part of their campaigns. Bitcoin has surely come a long way and is unlikely to stop anytime soon.